Why Caterpillar Stock Crawled Higher Today

Caterpillar (NYSE: CAT) stock inched up 1.8% through 11:35 a.m. ET Monday after investment bank JPMorgan Chase raised its price target on the stock 3%, to $515 per share. According to the analyst, Caterpillar is playing a role in the market providing backup power for data centers used for artificial intelligence (AI) services. Yes, you read that right. JPMorgan Chase just said Caterpillar, a company best known for producing construction, mining, and agricultural equipment, is actually an artificial intelligence stock.JPMorgan Chase estimates the global value of providing backup power to AI data centers could approach $23 billion by 2028. And it isn't the only bank feeling optimistic about Caterpillar stock. On Friday, StreetInsider.com reported that Jefferies Financial Group had named Caterpillar its "top pick" in the machinery sector.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool